Former Deutsche Bank Asia-Pacific wealth management head Ravi Raju is to join UBS AG as co-head of Asia Pacific business. Mr. Raju’s departure for Deutsche Bank was announced in October – part of a raft of resignations from the troubled financial institution. Rumors that he was to move to rival UBS have now been confirmed.
Mr. Raju held his position at Deutsche Bank since 2007, where he built up the German firm’s wealth management portfolio. He was also a member of the global executive committee. Deustche Bank's stock tumbled last year amid the possibility that U.S. authorities would set a $14 billion fine. Deutsche Bank's head of wealth management in North Asia Lok Yim is to replace Mr. Raju. The German bank has said its strategy in the region will not change.
Mr. Raju will be based in Hong Kong and join Amy Lo in heading UBS' Asia-Pacific ultra-high net worth customer sector.